SA+A Development, founded in 1974 as a Buffalo urban planning and development company, has begun to expand its footprint well outside of Western New York. With an Erie County portfolio of over 500 affordable elderly housing units, the company has broadened its development activities to include multi-family and market housing.
It has completed the purchase of Beckett Gardens, a 132 unit Section 8-assisted property in Philadelphia. Rehabilitation of the property, which was built in 1968 and has never been updated, will now begin. Most of the units have original kitchens and bathrooms, and the entire property had reached the end of useful life.
SA+A will invest about $50,000 in each unit, making significant upgrades to the property and helping to improve the quality of life of Beckett Gardens residents. SA+A will also build a new 8,500 square foot community center that will support a number of activities, including job readiness training, after-school programs and computer training.
“Our corporate and individual mission is to go beyond bricks and mortar to instill strong social impact and equity that ensures a real, measurable benefit to the communities and people we serve.” said Ernst Valery, principal of SA+A.
Red Stone Partners acquired $12.1 million in tax exempt bonds issued by the Philadelphia Authority for Industrial Development. Stratford Capitol will invest about $6 million in the project through sponsorship of a Low Income Housing Tax Credit limited partnership.
David Alexander, principal of SA+A, added, “We were very pleased that we’re able to incorporate all the needed renovation work as well as construct a new community center with a four percent tax credit bond execution. I was extremely pleased with how Red Stone and the rest of our financing team performed and helped us see our vision through to execution.”
Since 1976, SA+A has been working to rebuild neighborhoods and urban centers. SA+A has been an innovator in affordable housing development having completed the first housing tax credit development in New York state in 1987. Responsible for over $100 million of development and construction since its inception, SA+A has worked with community leaders, government and investment partners. With the recent addition of two new principals, David Alexander and Ernst Valery the Corporation has expanded its development business and has affordable housing projects in Philadelphia, Washington, D.C. and Baltimore.
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